Advisory and Rule 12b-1 Fee Waiver Agreement Value Line Securities, Inc. (the "Distributor") agrees to waive a portion of the following advisory and Rule 12b-1 fees: a. Aggressive Income Trust: waive .40% of the advisory fee for the period of June 1,...

                  Advisory and Rule 12b-1 Fee Waiver Agreement

Value Line Securities, Inc. (the "Distributor") agrees to waive a portion of the
following advisory and Rule 12b-1 fees:

      a.    Aggressive Income Trust: waive .40% of the advisory fee for the
            period of June 1, 2007 - May 31, 2008;

      b.    New York Tax-Exempt Trust: waive .225% of the advisory fee for the
            period of June 1, 2007 - May 31, 2008;

      c.    Aggressive Income Trust: waive .10% of the Rule 12b-1 fee for for
            the period of June 1, 2007 - May 31, 2008;

      a.    New York Tax-Exempt Trust: waive .25% of the Rule 12b-1 fee for the
            period of June 1, 2007 - May 31, 2008;

Each waiver shall end on the expiration date set forth next to the applicable
Fund name as stated above.

Dated this 3 day of May, 2007                   On behalf of the Distributor,

                                                s/Xxxx X. Xxxxxxx
                                                -------------------------
                                                Xxxx X. Xxxxxxx, CEO

Received:

s/Xxxxxxx Xxxxxxxxx
---------------------------
Xxxxxxx Xxxxxxxxx, Treasurer
Value Line Aggressive Income Trust
Value Line New York Tax-Exempt Trust